Another common question for those who already have a payroll card is: Is it really possible to port payroll credit card?Understand if you are allowed to migrate your debt card to another bank and what to do if your account cannot be reduced.
Payroll Credit Card Portability
Credit portability allows debt contracted to one bank to be transferred to another. In practice, the new bank pays off the debt with the previous bank and takes over the new contract. This financial transaction depends on a few rules, however, in case the payroll loan is only applied to the loan.
The payroll credit card basically works like the loan:
- is limited by the consignable margin; and
- deducted directly from the payroll of INSS Withdrawals and Pensioners and Public Servants.
The payable credit card margin is 5%. Thus, INSS beneficiaries and Servers from all levels can commit to 5% of their monthly income, with payment of expenses of this card.
If you add the loan margin, the total payable margin will be 35%.
This discount occurs every month, direct to the holder’s retirement, pension or paycheck. Because it is automatic it cannot be accumulated or changed to another date, as with conventional cards.
But why can’t you make payroll credit card portability? Find out now.
Why is it not possible to port the Payroll Credit Card?
Anyone who wants to make payroll credit card portability is usually looking for lower interest rates.
But transferring debt to another bank is not valid for all financial transactions and must respect certain specific rules. These include: contract time, number of installments paid, among others. Since hiring the payroll card is associated with contractual endorsement, the margin can only be used once.
Thus, if the person interested acquires an Olé Payroll card, for example, the margin will be recorded in the name of this institution. Another important fact is that unlike a loan, the credit card agreement does not have a duration or term. So, it is considered that once hired can be used for as long as the user wishes.
And as long as there is no financial backlog with the bank.
As this is therefore a definitive decision, it is worth comparing all available options. A good alternative might be to do a payroll credit card simulation online, where you can compare interest rates and offers from different banks.
Now if the motivation for payroll-deductible credit card portability is related to current card debt, learn how to get out of this situation.
3 Tips To Do If You Have Payroll Card Debts
If you have high payroll-deductible credit card debts due to install purchases or additional withdrawals, follow these recommendations:
1 – Renegotiate directly with the bank
Although part of your payroll card bill will be paid automatically, if your spend exceeds your payroll margin, you will need to pay off your additional bill within the month. If payment does not occur, the amount will accumulate upon entering the revolving credit.In order to avoid indebtedness and to further compromise the consignable margin, it is advisable to negotiate direct debt with the bank.
By law, the discounted payroll or INSS benefit cannot be changed. However, if the debt is too high or has been open for a long time, it is worth renegotiating with the lender. A financial deal may be better for both sides.
2 – Avoiding continuing to use the card
This tip applies to all types of credit cards. If you have any outstanding debt, the holder must first negotiate to settle the outstanding balance. If you use the card in this period and are unable to pay, the debt may become increased.
If you made the overdraft, that is, withdraw the global credit limit at once, the limit will be blocked until the account is paid. Thus, the tip not to curl up and complicate is still to withdraw only the necessary value and in priority cases.
3 – Do not cancel your payroll card
While this may seem like a nonsense tip, while paying off debt or even after its discharge, it is still worth keeping the payroll card active as an option for any emergency.
As the margin can only be used with the bank already contracted and the credit has already been pre-approved, the holder can use it when needed. Unlike a new card that may require multiple documents to provide income and address, with the payroll card both analysis and credit release are less bureaucratic and faster.
And that, of course, can make it easier for Withdrawals and INSS Pensioners, as well as Public Servants who need extra money. As you have seen, unfortunately the payroll credit card portability is not valid. However, if well chosen, you can have the best payroll card at hand and enjoy all its advantages.
Remember that all credit must be used conscientiously. Knowing how to use it, you will have credit available when and whatever you need!
Want to make a payroll credit card?
United Company can help you contract the payroll credit card you need! Compare payroll credit card offers from different banks and choose the best one for you.